NEW YORK & DAVENPORT, Iowa — (BUSINESS WIRE) — November 3, 2014 —
Lightweight metals leader Alcoa (NYSE:
AA) today announced a $190
million investment at its Davenport Works, Iowa, facility to expand its
product offerings in the aerospace and industrial markets. Alcoa is
installing manufacturing technology to enhance the performance of thick
aluminum and aluminum-lithium plate in various applications, including
wing ribs and fuselage frames.

The investment in the Davenport rolling mill is the installation of a
new ‘very thick plate stretcher’. The stretching process reduces stress
introduced into the plate as part of the manufacturing process,
resulting in a part that can more easily be machined and processed. This
advancement will enable Davenport Works to produce the largest
high-strength monolithic wing ribs in the industry. For example, as
composite wings get larger, one of the challenges is strength and
stiffness, and the aluminum plate from this stretcher will enable Alcoa
to make wing ribs to address that issue.

“This project is a key driver for our continued growth in the aerospace
plate market,” said Mark Vrablec, President of Alcoa Aerospace
Transportation & Industrial Products (ATI). “New airplane designs
feature thicker aluminum wing ribs– especially important to reinforce
composite wings – and these enhancements will be possible with Alcoa
thick plate products. The capability will also benefit our industrial
customers who make injection molded plastic parts for the automotive,
transportation and consumer electronics industries.”

The addition will enable Alcoa to serve the existing plate market while
also providing airframe builders with the ability to make large wing
ribs, fuselage frames and bulkheads using Alcoa thick plate. In
addition, aluminum plate can be used to make the molds for plastics
manufacturing, displacing steel as the incumbent material because of
better thermal conductivity. It can also be used on manufacturing
chambers for the consumer electronics and semiconductor industries.

The investment is consistent with the Company’s strategy to build out
its value-add businesses to capture profitable growth. On October 8,
Alcoa said it continues to project 2014 global aerospace sales growth of
8 to 9 percent driven by robust demand for both large commercial
aircraft and regional jets.

Construction on the project will begin in 2015 with first customer
production expected to begin in 2017.

About Alcoa

A global leader in lightweight metals technology, engineering and
manufacturing, Alcoa innovates multi-material solutions that advance our
world. Our technologies enhance transportation, from automotive and
commercial transport to air and space travel, and improve industrial and
consumer electronics products. We enable smart buildings, sustainable
food and beverage packaging, high-performance defense vehicles across
air, land and sea, deeper oil and gas drilling and more efficient power
generation. We pioneered the aluminum industry over 125 years ago, and
today, our 60,000 people in 30 countries deliver value-add products made
of titanium, nickel and aluminum, and produce best-in-class bauxite,
alumina and primary aluminum products. For more information, visit
www.alcoa.com,
follow @Alcoa on Twitter at
www.twitter.com/Alcoa
and follow us on Facebook at
www.facebook.com/Alcoa.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include those containing such words as “estimates,”
“expects,” “plans,” “projects,” “may,” “should,” “will,” or other words
of similar meaning. All statements that reflect Alcoa’s expectations,
assumptions, or projections about the future other than statements of
historical fact are forward-looking statements, including, without
limitation, statements regarding the benefits of Alcoa’s advancements in
aerospace and industrial manufacturing, and the expected timing for
completion of construction of Alcoa’s very thick plate stretcher at its
Davenport Works, Iowa facility and first customer production; and
statements regarding Alcoa’s strategies, outlook, and business and
financial prospects. Forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties, and changes
in circumstances that are difficult to predict. Important factors that
could cause actual results to differ materially from those expressed or
implied in the forward-looking statements include: (a) unfavorable
changes in general economic conditions or in the markets served by
Alcoa, including the aerospace and aluminum plate markets; (b) failure
to successfully implement, or to realize expected benefits from, new
technologies, advanced manufacturing processes, equipment, advanced
alloys, including aluminum-lithium, or other innovative products and
solutions, whether due to competitive developments, changes in the
regulatory environment, trends and developments in the aerospace, metals
engineering and manufacturing sectors, or other factors; and (c) the
other risk factors discussed in Alcoa’s Form 10-K for the year ended
December 31, 2013, and other reports filed with the Securities and
Exchange Commission. Alcoa disclaims any intention or obligation to
update publicly any forward-looking statements, whether in response to
new information, future events or otherwise, except as required by
applicable law.